WTF is IOTA and why is it #7?

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Seriously, I've only seen the name come up once on Steemit and now from one day to another #7 by market cap?

I really don't understand this because this project doesn't even have a functional, a responsive website. Like I couldn't find a single download for this and it's supposed to be valued at over one billion?

This is a joke! How does this make any sense? If there is no download then this project is at best an idea, I didn't even see any links to discussion rooms or anything like that. Now I see the Slack and I am tempted to join, if anything to ask what coinmarketcap requires to list a cryptocurrency. I might want to create my very own walletless asset and make it visible to investors over projects that have been running for years...

Have we lost our minds to value an idea at 1.4 billion?

WTF is IOTA and why is it #7? | Ecency